The Positive Slope of a Supply Curve Indicates That

question 7

Multiple Choice

The positive slope of a supply curve indicates that

• A)as price goes up,quantity supplied will decrease.
• B)consumers will want to buy less at higher prices.
• C)as price goes up,quantity supplied will increase.
• D)if the costs of production increase,the quantity supplied will increase.
• E)as price goes up,quantity supplied will remain constant.

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Definitions:

Absolute Advantage

The capacity of a nation, person, corporation, or area to generate a product or offer a service at a per-unit cost that is cheaper than the per-unit cost at which any other party produces the same product or service.

Frederic Bastiat

A French economist, writer, and prominent member of the French Liberal School in the 19th century, known for his advocacy of free trade and the critique of socialism.

Absolute Advantage

The ability of a country, company, or individual to produce a good or provide a service more efficiently than competitors, using the same amount of resources.

Nigerian Worker

An individual from Nigeria who is engaged in employment or labor activities, contributing to the country's economy.